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Page 484 - Business Finance

Ruchi Soya insolvency: Lenders to vote on Patanjali's Rs 4,350-cr offer next week

Lenders of debt-ridden Ruchi Soya will vote on April 30 to decide on Baba Ramdev-led Patanjali Ayurved's revised Rs 4,350 crore bid for the edible oil firm, sources said. Patanjali, the lone player left in contention after the exit of Adani Wilmar, had last month increased its bid value by around Rs 200 crore to Rs 4,350 crore for the Madhya Pradesh-based Ruchi Soya. This excludes capital infusion of Rs 1,700 crore into the company. Sources said the Committee of Creditors (CoC) met on Friday to discuss the revised bid of Patanjali and decided to conduct the voting process on April 30. In December 2017, the National Company Law Tribunal (NCLT) had referred Ruchi Soya for insolvency proceedings on the application of financial creditors Standard Chartered Bank and DBS Bank. Shailendra Ajmera was appointed as resolution professional (RP) to manage the affairs of the company and undertake the insolvency proceedings. Ruchi Soya Industries owes around Rs 9,345 crore to financial creditors ...

Updated On : 26 Apr 2019 | 6:05 PM IST

Neogen Chemicals IPO sees strong demand

Receives bids for 17.64 crore shares

Updated On : 26 Apr 2019 | 6:04 PM IST

Nifty May futures at steep premium

Turnover in F&O segment drops

Updated On : 26 Apr 2019 | 6:04 PM IST

Luxury cars belonging to Nirav Modi, Mehul Choksi auctioned for over Rs 3 Cr

The Enforcement Directorate on Friday auctioned a total of 12 luxury cars - 10 of Nirav Modi Group and 2 of Mehul Choksi Group - for over Rs 3 crore.In line with the PMLA Court's March 20 order, the ED, through Metal Scrap Trade Corporation Ltd. (MSTC), e-auctioned attached vehicles of the two businessmen for approximately Rs 3.29 crore.On March 20, a special court under the Prevention of Money Laundering Act (PMLA) had granted permission to auction paintings and cars belonging to Nirav Modi."A special PMLA court has allowed Income Tax Department's application to auction some paintings from the collection of Nirav Modi. All those paintings have been seized by the ED," sources had said.The fugitive diamond merchant is wanted for his alleged involvement in the Rs 13,000 crore Punjab National Bank (PNB) loan default case, along with Choksi, his uncle-cum-business partner.Choksi was granted citizenship of Antigua and Barbuda on January 15, 2018. Both Modi and Choksi left India in January .

Updated On : 26 Apr 2019 | 6:00 PM IST

Rupee rises 23 paise to 70.02 vs USD as crude oil recedes from 6-month high

The rupee rebounded by 23 paise to close at 70.02 against the US dollar Friday after Brent crude oil prices receded from a six-month high of USD 75.60/barrel. Forex traders said the greenback's weakness against key rivals overseas, sustained foreign fund inflows and heavy buying in domestic equities also supported the rupee upmove. At the interbank foreign exchange market, the domestic unit opened at 70.12 and advanced to a high of 69.97 during the day. It finally settled at 70.02, registering a rise of 23 paise against the dollar over its previous close. The rupee Thursday had slumped 39 paise to close at more than six-week low of 70.25 against the US dollar. "Indian rupee recovered Thursday's loss after Brent crude oil prices recedes from a six-month high of USD 75.60/barrel," V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities said adding that since start of the April the correlation between Brent crude oil and USD/INR steadily rising. On a weekly basis, the ...

Updated On : 26 Apr 2019 | 5:50 PM IST

Lloyds Steels Industries reports standalone net loss of Rs 0.20 crore in the March 2019 quarter

Sales decline 57.66% to Rs 26.83 crore

Updated On : 26 Apr 2019 | 5:50 PM IST

Deltron reports standalone net profit of Rs 0.69 crore in the March 2019 quarter

Reported sales nil

Updated On : 26 Apr 2019 | 5:50 PM IST

Maruti shares extend weakness, slip 1 pc

Shares of Maruti Suzuki India (MSI) skidded for the sixth straight session Friday, falling 1 per cent after posting lacklustre results for the March quarter. The scrip dipped 1.03 per cent to close at Rs 6,832.15 on the BSE. During the day, it dropped 2.23 per cent to Rs 6,749. At the NSE, shares of the company tumbled 0.88 per cent to close at Rs 6,844.40. Maruti Suzuki had dropped over 2 per cent Thursday after the company reported a decline in net profit for the fourth quarter and said it will phase out all diesel cars from April 1, 2020. On the BSE, the scrip has now lost 8.46 per cent in six sessions. "From April 1, 2020, we will not be selling diesel cars," MSI Chairman RC Bhargava told reporters here Thursday. The company currently sells a range of diesel vehicles. Around 23 per cent of all units sold by the company in the domestic market currently are diesel cars. The country's largest car maker Maruti Suzuki India Thursday reported a 4.6 per cent decline in net profit to Rs ..

Updated On : 26 Apr 2019 | 5:45 PM IST

AAP leader Bhagwant Mann files nomination for Sangrur LS seat

Senior Aam Aadmi Party leader Bhagwant Mann Friday filed his nomination papers for the Sangrur Lok Sabha seat in Punjab. The AAP has pitted Mann against Congress's Kewal Dhillon and Shiromani Akali Dal's Parminder Dhindsa in Sangrur. In his election affidavit, Mann, a resident of Mohali, has declared total assets of Rs 1.64 crore.He has shown no investments in bonds, debentures or NSS and insurance policies. The stand-up comedian-turned-politician has declared movable and immovable assets worth Rs 38.27 lakh and Rs 1.26 crore respectively, and has shown cash-in-hand at Rs 25,000, as per the affidavit. Mann owns two vehicles one worth Rs 11.87 lakh and the other valued at Rs 8.50 lakh. Earlier this month, the AAP leader had sought financial support from people for campaigning in the general elections, saying for electioneering "money is needed and I am requesting you to give 'Dasvandh' (one-tenth of income) so we can encourage people with clean image." The 45-year-old sitting MP from ..

Updated On : 26 Apr 2019 | 5:40 PM IST